As an investor in PACL, I believe they deserved more time.
SEBI and SAT have asked PACL to return an amount of Rs 491000 crore to the investors. Not only the amount is too big, but much to the company’s desolation, the time window they have been allotted is too narrow. PACL is to repay this amount in just 90 days. As an investor in PACL, this has got me worried. Not only this directive seems unfair for the company, but has ripple effects on those 5 crore investors that are associated with PACL.
Let’s talk a little about PACL beforehand. It is a real estate company that has over 3 lac acres of land. This makes it the company with biggest land bank in entire India. The company has more than 50 projects to its credit, sprawling across Delhi, Mumbai, Mohali, Pune, Noida, Zirakpur, Ludhiana, Bhathinda and many such areas. PACL has been in business for over 30 years. And now, SEBI just wants it to wind up in mere 90 days. That does not go down well my throat. If SEBI thinks PACL isn’t a real estate company and falls under its jurisdictions, the company should have been given time to register, although the verdict issued by Rajasthan High Court in 2004 says otherwise. According to this verdict, PACL Ltd. is a real estate company. Considering this, the directives issued by SEBI are a little too stern.
Company’s past record has been very impressive. Such a big company has not even a single figure of bank loan over its head. It hasn’t floated any shares and has been sustaining tremendously all these years. The payments made to the investors have always been timely. How can such a company dupe its consumers, as alleged by many? As an investor, I know how transparent the workings have been. I am in touch with many other investors and we all extend our complete support to PACL Ltd. The company has even openly invited investors to monitor the workings and proceedings. Our families have been benefitting from the profits we received from the investments in PACL.
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